The US Treasury Department has sanctioned Russia’s largest state-owned oil company, Rosneft, along with Russia’s largest privately-owned oil-company, Lukoil, including a number of their subsidiaries. All of their majority-owned subsidiaries have been blocked. The Treasury Department announced that the decision was part of the US government’s actions to put pressure on Russia to end the war in Ukraine. US Treasury Secretary Scott Bessent urged Russia to commit to a ceasefire.
The previous Joe Biden administration did not place sanctions on Lukoil and Rosneft and only had limited sanctions on them. The new sanctions are much more wide-reaching and have been sanctioned according to Executive Order 14024 issued in 2021 that allows for sanctions against Russian entities involved in corruption or those which are contributing to Russia’s war efforts.
Meanwhile, the EU is expected to announce the 19th sanctions this week and the Coalition of the Willing is also expected to provide new announcements on the use of frozen Russian assets.
The US sanctions on Rosneft and Lukoil will be welcomed by Ukraine which is currently waging a campaign against Russia’s oil industry.
Newsroom
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